Ottawa home prices jump 4.6 per cent in November

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Ottawa home sales cooled in November, but the price of buying a new home increased 4.6 per cent last month.

The Ottawa Real Estate Board says 1,059 homes and condominiums were sold in November, down from 1,179 units sold in October.  A total of 724 units were sold in November 2023.

The report shows the average price of homes sold in Ottawa last month was $667,098, up from $633,138 in November 2023. According to the Ottawa Real Estate Board, the benchmark price for a single-family home was $722,400 (up 2.1 per cent from November 2023) and the benchmark price for a townhouse was up 0.3 per cent to $491,500.

The benchmark price for an apartment was $406,200 in November, down 3.7 per cent from November 2023.

"Ottawa’s market is making headway on a long road back from the slowdown experienced in 2023," Curtis Fillier, past president of the Ottawa Real Estate Board, said in a statement.

"Buyers have been slow to come back to the market while watching the interest rates lower, and some are waiting to see how new mortgage rules — the extended amortization period and the increased default insurance cap — coming into effect in December may redefine their purchasing power.”